360 Mobil Ave, Suite 213A, Camarillo, CA office: c3 nonprofit tax id#

Transcription

1 To support more housing choices, by generating and leveraging financial resources, working in partnership with the public, private, and non-profit sectors throughout Ventura County. 360 Mobil Ave, Suite 213A, Camarillo, CA office: c3 nonprofit tax id#

2 A Message from Our Board Chair Dear Valued Supporter, I thank everyone who has supported and worked so hard to make this a successful year for the Ventura County Housing Trust Fund. We have been challenged this year, but have made great progress through the dedication of our Board, staff, and our grassroots supporters. With only 1.5 employees, we endeavor to stay as lean as possible so our capital can be used to foster new affordable housing projects. Some accomplishments this year are: We transitioned Linda Braunschweiger from contract to full-time CEO. Locally, we raised $983,211 through public and private partners, including a $500,000 low-interest loan investment from Pacific Western Bank. We funded $1,625,000 in new loans that will result in 30 new affordable housing units. We now have the financial support of 9 of the 10 cities, along with the County of Ventura. We had our 6th annual fundraising event, the most successful ever. Along with these accomplishments we are working to sustain the Trust going forward by: At the state level we renewed our CDFI (Community Development Financial Institution) COIN designation (California Organized Investment Network) and advanced our application for federal CDFI which will give us another level of funding for projects in the County. We are working at both State and local levels on developing programs to help provide a long-term funding source. We set up a committee to explore participation in the formation of a County Land Trust. We are evaluating new products and services that will facilitate the production of more affordable housing. To that end, we funded our first construction loan on 6 for-sale, affordable, single-family homes. This could not have been accomplished without the generous individual, municipal and community support we have received over the years. It is our hope that you will continue to join with the Trust, to further the mission of providing more affordable housing in Ventura County. It has been my pleasure to be your board chair in Stephen Boggs

3 $1,582 $1,642 $1,725 $1,878 $1,953 $2,023 THE HOUSING CONUNDRUM* Average 2-bedroom apartment rent (January) / % (almost 8 of every 10 people) earn below the $34.68/hr. ($69,360/yr.) needed to afford a 2-bedroom apartment. Low 3.02% apartment vacancy rate creates high demand and premium pricing. The Dec. Thomas Fire dropped vacancy rates even further! 40 years, average apartment age. Older buildings require more maintenance, are less efficient and are more likely to have expiring affordable covenants. * Dyer Sheehan Group Inc. July 2017 Apartment Market Survey

4 A HOUSING SOLUTION The Housing Trust Fund model We attract capital from sources not traditionally dedicated to housing. We leverage these funds by combining private resources with foundation and public agency funds. We build a revolving loan fund dedicated to expanding affordable and workforce housing. Our loans often are made early in the development cycle, before traditional funding is available and thus we provide financial support necessary to attract other money. When our loans are repaid those funds become available to lend to another project, allowing the original donation to work over and over again. Participation in VCHTF assists cities with Housing Element requirements and creates affordable housing for the people who live and/or work in their jurisdiction. Private Ventura County Housing Trust Fund Acquisition, & Rehab for Conversion

5 Why should VCHTF become a CDFI? Application to be submitted early Jan Pathway to federal technical and financial assistance grants Eligible for low-interest loan programs Improved partnerships with banks Access to additional funding sources The VCHTF has provided a variety of loans to the Housing Authority that have contributed to the success of our housing projects. To have a local source of funds available through the VCHTF is a gift. Not all communities have such a resource and they are making a difference in the County. Denise Wise, CEO Housing Authority of the City of San Buenaventura We ve moved! New address: 360 Mobil Avenue, Suite 213A Camarillo, CA Phone: (805) T hank y o u Vent ur a I nvest m ent C o. for y o ur support by p r ov i di ng VCHTF wit h office and meet ing space. Y o ur generosit y is most a p pr eciat ed!

6 LENDING ACTIVITY $1,625,000 in new loans funded in 2017 Walnut Street Apartments, Moorpark Area Housing Authority & Many Mansions This new 24-unit complex provides very-low income families with bedroom apartments with common area playground, growing gardens, on-site laundry, etc. The project received 3 VCHTF loans: a preconstruction loan (repaid in 2017), a construction loan, and our first mini-perm loan (17-years). First & Hayes, La Colonia, Oxnard Habitat for Humanity VCHTF provided a construction loan to help build 6 singlefamily, for-sale homes for low income families. Homes will retain affordable deed restrictions. This is our first project in Oxnard and our first, of hopefully many, projects with this non-profit group. $820,743 Loans Repaid in 2017 and put back into the loan pool.

7 2017 Grand Opening Camino Esperanza, 1384 Katherine Road South, Simi Valley Cabrillo Economic Development Corp. March was the opening of this newly constructed complex of thirty 1-bedroom apartments for very low to low income seniors including seniors with disabilities. VCHTF provided $500,000 in 2014 to help with predevelopment expenses. VCHTF Revolving Loan Priority Funding Extremely-low to low-income households Homeless individuals & families Farm-workers Veterans Transitional-aged foster young-adults Cumulative Loan Amounts Funded by Year $659,900 $1,000,000 $915,000 $1,625,000 $0 $1,000,000 $2,000,000 $3,000,000 $4,000, new affordable housing units created to date with help from VCHTF funds.

8 FUND DEVELOPMENT Top Contributors in 2017 Pacific Western Bank (CRA-type loan) $500,000 City of Oxnard $200,000 City of Camarillo $50,000 City of Fillmore $50,000 City of Port Hueneme $50,000 Federle/Corkins Foundation $30,000 Pacific Western Bank $11,500 Merewether Family Fund $6,600 Lloyd-Butler Ranches $6,000 City National Bank $5,000 Montecito Bank & Trust $5,000 Brokaw Nursery $5,000 California Commercial Investment Co. $5,000 Leavens Ranches $5,000 Reiter Affiliated Companies $5,000 Dyer Sheehan Group, LLC $3,000 Housing Authority - San Buenaventura $3,000 Contributions by Sector (Inception to 12/31/17) 40% State of CA Local Gov t 29% Investment Loans Industry 20% 2% Financial Nonprofit 3% 1% 5% Individual Loan Fund Local Municipal Partners City of Camarillo (2nd time) City of Fillmore (2017) City of Moorpark City of Oxnard (2017) City of Port Hueneme (2017) City of San Buenaventura City of Santa Paula City of Simi Valley City of Thousand Oaks County of Ventura

9 Our 2017 annual event to support affordable housing in Ventura County An immensely successful event, made possible by the profound generosity of many. $67,050 net proceeds; 40 event sponsors, donating $64, people donated items to auction and raffle, for $7,331 in proceeds 209 guests and volunteers attending We have a broad coalition with financial support from: 19 financial institutions 62 corporate partners, 29 non-profit groups, 11 municipalities, and 204 individual donors Pacific Western Bank is proud to partner with VCHTF in support of affordable housing development in Ventura County. We believe in partnerships. We believe in the power that a community has when it comes together to solve a local need. VCHTF has the vision, the knowledge, and the right connections to make affordable housing a reality. Sean Morreale, Executive VP & Regional Manager Pacific Western Bank

10 2017 FINANCIAL SNAPSHOT* Statement of Financial Position as of 12/31/2017 ASSETS LIABILITIES Operating Cash & A/R $473,035 Other Current $1,158 Fund Avail. for Lending $2,058,943 Loan Due 12 mo. $250,000 Loans Receivable $1,719,257 Long-term Loans $600,000 TOTAL $4,251,235 TOTAL $851,158 EQUITY Net Assets $2,120,542 Net Income 1,279,535 TOTAL EQUITY $3,400,077 Statement of activity 1/01/ /31/2017 INCOME EXPENSE State Grant (last year) $905,900 Personnel (1.5 staff) $134,788 Local Gov t. Grants $350,000 Operating $17,186 Donations/Grants $58,255 Fundraising $12,236 Events $74,956 Special grant project $4,007 Loan Program $63,745 Loan Program $1,213 Interest $5,407 Loan Servicing $9,297 TOTAL Other Investment $1,458,263 $500,000 TOTAL $178,727 We received a $500,000 low-interest, 5-year, investment loan from Pacific Western Bank. We appreciate the commitment to VCHTF and affordable housing. This is the 4th investment loan VCHTF has received, previously: $250,000 from Rabobank in 2014, $100,000 from McCune Foundation in 2014, and a $150,000 line-of-credit from Montecito Bank & Trust in We continue to seek these types of investments in order to grow our Revolving Loan Fund. * Draft to be ratified at the January 25, 2018 BOD meeting.

11 2017 Expenses Personnel (1.5 staff) 75% Operating Fundraising 5% 7% 2% 1% 10% Special Projects Loan Program Loan Servicing VCHTF support of the Castillo del Sol apartments has provided affordable housing for adults with intellectual and/or mental health issues. Our son, John has been able to put into practice the independent living skills he learned in school. As a young man with an intellectual challenges he wanted to be living independently like his siblings. As parents aware of the challenges, we are thrilled that our community recognized the need for housing that would provide him that independence. He continues to learn these skills in managing his own apartment, his finances, laundry and meal planning. Cathi Nye, MA, Principal, Special Education Ventura County Office of Education The Nye family (John, Jim, Cathi, Frances) met with Congresswomen Julia Brownley (3rd from left) and VCHTF CEO Linda Branschweiger (far left) in Washington DC, June 2017.

12 LOOKING AHEAD TO 2018 & BEYOND! A working sub-committee is formed to develop a Dedicated Source of Funding, a key element to the long-term success of Housing Trust Funds. We anticipate approval of CDFI certification at the Federal level, opening up greater levels of opportunity. Along with other regional groups, we are exploring creation of a land trust that will make housing more affordable. We continue to review our products and services offered in order to maximize our positive impact on affordable housing in the County. We have developed a wide base of grassroots support including the County and 9 of the 10 cities. We continue to work with the remaining City of Ojai to become a municipal loan fund partner. We Need Your Support! GIVE A MONETARY DONATION Event sponsorship Automatic recurring or One-time donation Corporate or foundation investment HELP WITH YOUR GIFT OF TIME AND SKILLS Serve on a sub-committee Help with technical expertise Volunteer to help at special events PROVIDE IN-KIND DONATIONS Office supplies & Printing Donation of auction items for fund-raising event Food, beverages, venue, speaker or other items for an event